Harvey Norman profits go sour after dairy farm investment
“I should not have bought that dairy!”
While underlying half-yearly profits for Harvey Norman are up by 0.8%, that’s $296 million, net profits are down 19.3% to $207 million.
This comes after the company wrote down a 49.9% stake in Coomboona dairy farm.
Ross Greenwood speaks with Executive Chairman of Harvey Norman, Gerry Harvey.
“I should not have bought that dairy! That was a bad mistake,” he says.
“It came up as this wonderful deal, and we voted around the board table. 100% yes! We’ll do it.”
Though Gerry assures Ross all is not lost.
“The important thing is, it doesn’t really matter.
“We’ve got a company worth $4 or $5 billion, then you’re riding off $20 million. In the big picture, it’s absolutely of no concerns.”
Listen to the full interview below